Celgene invests $30 mln in VC-backed Northern Biologics
Northern Biologics Inc, a Canadian biotechnology company founded last year with an investment by U.S. venture capital firm Versant Ventures, has entered into a strategic collaboration with Celgene Corp. As part of the collaboration, Northern Biologics received US$30 million in funding to advance the discovery and development of antibody therapeutics that benefit patients with cancer and fibrosis. Under the deal's terms, the company will have the right to receive additional payments, while Celgene will have options to in-license drug candidates and the right to acquire Northern Biologics upon conclusion of the partnership. Northern Biologics is located in the MaRS Discovery District in Toronto.
29 April 2015•3 mins read
